Montreal Exchange Revised takeover bid

Although it currently holds 56.5% of the issued and outstanding common shares of Louvem Mines, St. Genevieve Resources appears to be meeting some resistance to its revised takeover bid for the gold producer.

St. Genevieve, which originally made a pitch for the remaining outstanding common shares and Louvem’s series A preferred shares, now says it is after a maximum 4.8 million common shares of the company (representing a further 33% interest), at $1.50 per share. Louvem management deems the proposed share price “insufficient” and says it has requested an independent valuation of the company’s business. St. Genevieve gained 5 cents to $2.17 on 189,200 shares, while Louvem slipped 7 cents to $1.52 on a volume of 163,600.

Back among the trading leaders is Abitibi Metals Mines, which jumped 6 cents to 24 cents during the week with more than three million shares changing hands. The junior-mining firm has been reporting encouraging drill results from the Jolin gold property near Senneterre, Que., and in a recent quarterly report, indicates it expects more of the same this year.

During a week which saw better trading volumes (up to 11.9 million shares one day), the Montreal Exchange recorded over-all declines in both the market portfolio and mining and minerals index.

Audrey Resources reports it is negotiating a private placement to finance a new 1,000-ton-per-day mill for its producing polymetallic Mobrun project near Rouyn- Noranda, Que. The project is a joint-venture operation between operator Audrey, whose shares slipped 9 cents to $2.80 on a volume of 40,500, and Minnova Inc., which gained $1.50 to $19.25 with 40,000 shares changing hands.

Nearing the feasibility study stage at the Rand Malartic gold project in Fourniere Twp. are tse- listed NSR Resources and Nova- Cogesco Resources, which moved up 5 cents to $1.70 on a volume of 24,600 shares. A 5,000-ton bulk sample is planned for May.

Drilling results from property belonging to coats-listed Exxeter Resources in northwestern Quebec confirming the extension, in depth, of a mineralized zone, have been announced by Exxeter and sister companies Oz Exploration and Norwood Exploration. Oz shares gained 5 cents to 20 cents with 54,000 shares changing hands, while Norwood climbed 5 cents to 30 cents on 10,000 shares.

Newly listed on the me is La Sarre Mining Exploration.